Harmony ONE Token Crashes 40% After Hack Mints 4 Billion Tokens
Harmony ONE price fell hard on Wednesday. The token dropped close to 40% after someone found a way to create about 4 billion new ONE coins out of nowhere.
That number is huge. It equals more than a quarter of all the ONE that existed before the attack.
Harmony confirmed the exploit happened. The team is now racing to stop more damage and figure out what to do with the coins that got minted.
What happened to Harmony ONE today
Harmony told its network validators to install an emergency patch. The update is meant to block any further unauthorized minting.
The company also paused its token bridge. This stops attackers from moving stolen or newly minted funds to other chains.
Harmony asked exchanges to freeze four wallet addresses linked to the incident. Two addresses were shared on the Harmony blockchain, and two matching addresses were shared on Ethereum.
"We are working on a patch and rollback options," Harmony said in a statement, adding that more updates would come soon.
Could Harmony roll back the blockchain?
A rollback means turning back the network's clock. It would erase transactions that happened after the exploit and restart from a clean point before the attack.
Think of it like undoing a bad move in chess and playing again from an earlier spot on the board.
A rollback can work if the stolen or minted coins are still sitting on the Harmony network. It gets much harder once funds move to exchanges or other blockchains.
Many people in crypto dislike rollbacks. They go against the idea that blockchains should never change once a transaction is recorded.
A similar situation hit Ravencoin just one day earlier. That network faced a possible rollback after invalid blocks got accepted, putting several days of transactions at risk.
Harmony ONE price today and key levels
ONE is trading around $0.0007603 at the time of writing. That is down about 38.36% over the past 24 hours.
The token also hit a new all-time low near $0.0005357. This level is now the most important support to watch.
Indicator | Level |
Current Price | ~$0.0007603 |
24h Change | -38.36% |
All-Time Low | ~$0.0005357 |
20-day EMA | ~$0.00119 |
50-day EMA | ~$0.00128 |
100-day EMA | ~$0.00153 |
200-day EMA | ~$0.00240 |
RSI | ~24.5 (oversold) |
24h Volume | ~$54.6 million |
The price sits below every major EMA. That is a classic sign of a strong downtrend.
RSI near 24.5 shows ONE is in oversold territory. That does not guarantee a bounce, but it often brings short-term buyers in.
$ONE derivatives data shows heavy trading
Futures data backs up the wild price action. Trading volume on derivatives jumped 4,303.86% to $117.46 million.
Open interest, which tracks money locked in open futures positions, rose 162.29% to $10.38 million. That shows traders are actively placing new bets, not just closing old ones.
The long/short ratio over 24 hours sits at 0.9354, meaning short positions slightly outnumber longs. On Binance, the ONE/USDT account ratio is 1.2095 favoring longs, while OKX shows a stronger 1.96 long lean.
Liquidation data shows the pain traders felt. Over the past 24 hours, $891.03K in positions got wiped out, split between $529.79K in longs and $361.24K in shorts.
The 12-hour window looked similar, with $879.24K in total liquidations. Even in the last hour, $17.71K got liquidated, showing the volatility has not settled down.
$ONE fundamentals look thin
DefiLlama data shows just how small Harmony's ecosystem has become. Total value locked in DeFi sits at only about $169,719.
Daily on-chain fees are just $0.13. DEX trading volume is only $783, and daily active addresses number around 244.
The stablecoin market cap is roughly $8.48 million. ONE's own market cap has fallen to about $11.44 million.
These numbers show ONE has lost most of the activity it once had. Back in January 2022, the project was valued near $4 billion.
Has Harmony been hacked before
This is not Harmony's first security problem. In December 2023, a staking bug created about 146.3 million extra ONE tokens.
That earlier bug involved 74 wallet addresses. One address alone received 51.2 million ONE, and roughly 16.4 million ONE reportedly reached an exchange before it got stopped.
The altcoin also suffered one of crypto's biggest bridge hacks in 2022. Attackers stole about $100 million from the Horizon bridge after getting hold of private keys.
The FBI later linked that 2022 attack to North Korea's Lazarus Group. Wednesday's incident is different because it involves new tokens being minted directly on Harmony, not assets stolen through a bridge.
Harmony ONE price prediction: what could happen next
If the $0.0005357 low holds as support, ONE could see a relief bounce. Traders are watching the $0.00090 to $0.00100 zone as a first resistance area.
Beyond that, the 20-day EMA near $0.00119 and the 50-day EMA near $0.00128 stand as tougher hurdles. A move back above those lines would be needed for any real trend change.
If the recent low fails to hold, ONE risks falling toward fresh lows. Given the oversold RSI and heavy liquidations, price swings in either direction look likely over the next few sessions.
A lasting recovery would probably need Harmony to explain how the exploit happened and show a clear plan for the extra 4 billion tokens. Until then, sentiment around ONE is likely to stay fragile.
Disclaimer
This article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency markets are highly volatile and unpredictable. Prices mentioned may have changed by the time you read this. Always do your own research and consult a licensed financial advisor before making any investment decisions.
